EURAUD - Potential Cypher Pattern
Updated
Potential Bullish Cypher on 1 hour chart.
Pair is currently on a downtrend (daily chart) but has not put any new structure lows.
We might be looking at a shift in trend.
Risk Reward ratio is too high (almost 100 pips).
More conservative entries could be located somewhere between X and D in order to reduce the risk a little.
Pair is currently on a downtrend (daily chart) but has not put any new structure lows.
We might be looking at a shift in trend.
Risk Reward ratio is too high (almost 100 pips).
More conservative entries could be located somewhere between X and D in order to reduce the risk a little.
Trade active
Price has now reached the area between X and D as expected.We will be waiting for a better entry reason, double bottom in this case.
If price does not give us a double bottom, we will be cancelling the trade.
Order cancelled
Price did not give us a double bottom so we cancelled entry orders.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.